Sable rises as JP Morgan initiates coverage with ‘overweight’

JP Morgan said Sable’s offshore oil fields can reduce spending needed to maintain production and support cash flow. The brokerage said the company can keep producing oil despite regulatory challenges, with federal support helping it maintain access to its pipeline and crude sales.

Five of six brokerages rate the stock “buy” or higher, while one rates it “hold”; the median price target is $10. Sable shares had fallen 23.09% year to date as of the last close.